Company Update / Property / IJ / Click here for full PDF version
Author(s): Ryan Dimitry ;Anthony
- 1Q24 presales of Rp3.3tr (-4% yoy), a beat as it formed 30% of ours/company's FY24F presales target
- 1Q24 presales driven by Sumatra region projects i.e. CitraLand Sampali and Tanjung Morawa, growing by +236% yoy.
- We reiterate our Buy rating with unchanged TP of Rp1,430. remains as our top pick in the property sector.
1Q24 presales: above ours and company's target
booked a 1Q24 presales of Rp3.3tr (-4% yoy) which came above ours/company's estimate at 30% for FY24F presales target (vs. 5Y average of 24%). Despite the fasting period and presidential election, had some successful launches, notably in Medan and Tanjung Morawa which contributed Rp1.3tr. was also able to accelerate construction on its VAT-exempt inventory, contributing Rp1.1tr in presales.
New launches in Sumatra were driving the overall performance
Sales of property projects in Sumatra region reached Rp1.2tr (+236% yoy) and had two successful launches of CitraLand Sampali KDM/CitraLand Tanjung Morawa KDM contributed Rp844/213bn in presales (32% of 1Q24 presales). Greater Jakarta/Surabaya recorded presales of Rp1.1/0.6tr, which dropped -36/-26% yoy due to a high base in 1Q23 from the launches of CitraGarden Serpong and CitraLand Surabaya. Meanwhile, Sulawesi recorded presales of Rp209bn (-34% yoy) due to limited remaining inventory at CitraLand City Loasari Makassar. plans to launch five new projects in the remainder of FY24F, CitraGarden Serpong - Elaia Cluster, CitraLand Gama City Medan - Sentosa Cove Phase 2, Citra City Sentul - Corvina Cluster, CitraLand City Losari Makassar - Canal Drive Shophouse, CitraLand Gresik - Township with a total target of c.Rp1.4-1.5tr.
Mortgage buyers remain the majority
Mortgages remained the predominant use for payment with 71% contribution, growing +4% yoy. Instalment and cash payment contributed to 13/16% declining by -22/-16% yoy.
Reiterate Buy with unchanged TP of Rp1,430/sh
We maintain our presales forecast, and price target with an unchanged TP of Rp1,430/share from a blended-valuation of P/E multiple 12x and disc. to NAV of -57%. Currently trades at 10.5x P/E and a disc. to NAV of -65%. Risk is weaker purchasing power post-election and Lebaran.
Sumber : IPS
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